Vantiv, Inc., a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, announced today that it is bringing the next generation of point-of-sale redemption technology to cardholders and merchants of all sizes with the innovative Visa Offers platform.
Vantiv is the first U.S. acquirer to announce their intent to offer this technology to clients across the country, which will help drive additional value at the point-of-sale. Vantiv's strong execution capabilities and agile ability to deploy new technologies across the payments value chain continues to enable Vantiv to offer its clients the latest innovations.
"Vantiv's single-integrated processing platform, combined with Visa Offers, provides a powerful new way to enhance the connection between cardholders and merchants," said Donald Boeding, president of merchant services at Vantiv. "Now by making this unique platform available to our merchants, we can help clients drive even more loyalty for their brand by enabling them to deliver customized sale offers directly to consumers enrolled in Visa Offers programs, including during their shopping experience. Visa Offers is just the latest example of our commitment to providing new payment technologies that help drive sales volume, reduce costs and innovate the way our clients serve customers."
With Visa Offers, the Visa card consumers already use for convenient purchases, can now deliver personalized deals from top brands right to an enrolled individual's mobile phone or email. This platform enables clients to identify and send customized, targeted offers to consumers - with their consent - in a way that leverages their purchase location and interests based on purchase behavior.
"The days of consumers walking around with a wallet stuffed with coupons are officially over," said Darren Parslow, global head of processing. "Visa's new point-of-sale redemption technology provides financial institutions and retailers of all sizes access to a robust offer redemption infrastructure that allows them to compete more effectively for a larger share of the consumer wallet."
The redemption platform helps clients manage promotions across all sales locations by using a single, consistent redemption p process and it provides them the ability to track and measure program success with a consolidated reporting tool.
Most importantly, the Visa POS Offers Redemption Platform provides real time ticket reduction as part of the offer redemption during the authorization process, delivering an alternative option to the need for statement credits or paper coupons. This functionality streamlines the checkout process by enabling instant redemption of rewards and has the potential to drive incremental transaction volume. Once the reduced transaction amount has been approved by the card issuer, consumers are immediately notified of their savings via receipt printout and SMS text, or email message.